Cablevision 2013 Annual Report Download - page 175

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except per share amounts)
F-66
The following table summarizes activity relating to Company employees who held Cablevision restricted
shares for the year ended December 31, 2013:
Number of
Restricted
Shares
Number of
Performance
Restricted
Shares
Weighted
Average Fair
Value Per
Share at Date of
Grant
Unvested award balance, December 31, 2012 ................. 4,010,675 1,297,100 $17.52
Granted ...................................................................... 2,703,460 584,000 14.03
Vested ...................................................................... (1,207,516) (346,400) 17.63
Awards forfeited ........................................................ (836,106) - 15.76
Unvested award balance, December 31, 2013 ................. 4,670,513 1,534,700 15.89
During the year ended December 31, 2013, 2,073,066 Cablevision restricted shares issued to employees
of the Company and AMC Networks vested. To fulfill the employees' statutory minimum tax
withholding obligations for the applicable income and other employment taxes, 865,307 of these shares,
with an aggregate value of $12,262, were surrendered to the Company. During the year ended
December 31, 2012, 4,128,407 Cablevision restricted shares issued to employees of the Company, AMC
Networks and Madison Square Garden vested. To fulfill the employees' statutory minimum tax
withholding obligations for the applicable income and other employment taxes 1,387,811 of these shares,
with an aggregate value of $19,831 were surrendered to the Company. These acquired shares have been
classified as treasury stock.
As of December 31, 2013, there was $50,737 of total unrecognized compensation cost related to
Cablevision's unvested options and restricted shares granted under Cablevision's stock plans. The
unrecognized compensation cost is expected to be recognized over a weighted-average period of
approximately 1 year.
Long-Term Incentive Plans
In April 2006, Cablevision's Board of Directors approved the Cablevision Systems Corporation 2006 Cash
Incentive Plan, which was approved by Cablevision's stockholders at its annual stockholders meeting in
May 2006.
In connection with the long-term incentive awards outstanding, the Company has recorded expenses in
continuing operations of $24,596, $10,167 and $2,908 for the years ended December 31, 2013, 2012 and 2011,
respectively. At December 31, 2013, the Company had accrued $33,766 for performance based awards for
which the performance criteria had not yet been met as of December 31, 2013 as such awards are based on
achievement of certain performance criteria through December 31, 2015. The Company has accrued the
amount that it currently believes will ultimately be paid based upon the performance criteria established for
these performance based awards. In 2011, the Company reversed and substantially reduced accruals related
to awards with performance criteria through December 31, 2012 and 2013. In 2012, the Company reversed
the remaining accrual related to awards with performance criteria through 2013.
NOTE 15. RELATED PARTY TRANSACTIONS
Cablevision is controlled by Charles F. Dolan, certain members of his immediate family and certain family
related entities (collectively the "Dolan Family"). Members of the Dolan Family are also the controlling
stockholders of both AMC Networks and Madison Square Garden.